Insights

Kinnevik is a Swedish family-controlled holding company which since its establishment in 1936 has evolved from iron, paperwork and woodworking industries, to telecoms and now digital consumer businesses. Kinnevik own a 32% stake in European e-commerce leader Zalando, as well as stakes in telecoms companies Millicom and Tele2. Kinnevik also have an exciting portfolio of early stage growth investments, in sectors such as healthcare, e-commerce and consumer finance, where they play an active role in supporting growth.

Fujitec is a global lift manufacturer with sales in Japan, China, Southeast Asia, North America and Europe. The most appealing aspect of the business is the maintenance contracts for the lifts. These last for decades, producing steady, recurring profit.

Cosan Ltd is made up of two listed companies; Cosan SA and Cosan Logistica. Through these two companies we have exposure to the rail transport, sugar production and fuel distribution sectors. Cosan trades at an extraordinarily high 57% look-through discount on high quality businesses.

Oakley Capital Investments (“OCI”) is an AIM listed closed-end fund investing in, and making co-investments alongside, private equity funds run by Oakley Capital. Oakley Capital focuses on complex deals (e.g. carve-outs) sourced by a network of Oakley-friendly entrepreneurs, which often allows it to bypass the auction process. OCI has assembled a portfolio of companies in the education, TMT and consumer sectors. The businesses display attractive economics – 41% EBITDA growth for FY2018 – and is held at just 13x EBITDA.

_{Image source: Inspired Education}